The New Zealand Dollar has depreciated about 80 base points against the US Dollar since Thursday session. The currency pair tested the lower boundary of a descending channel at 0.6476 during the Asian session on Friday.
Given that the NZD/USD currency pair is closer to the bottom border of the channel pattern, a breakout could be expected within this session.
If this breakout occurs, the currency exchange rate might aim at a support cluster formed by the combination of the weekly and the monthly pivot points at 0.6410 during the coming hours.
